Travel balance down by 29 pct in April as receipts slump
April current account deficit at 1.34 bln as goods deficit grows
Industrial turnover rises by 6.7 pct in April for fourth positive reading
Primary cash surplus at 6.4 bln in year to date, expenditure rises during May
Turnover in services sector shows deteriorations in Q1 2018
Budget primary surplus at 1.54 bln in May on revenue rise, sharp investment underspend
2014 draft budget: An ambitious fiscal consolidation targeting a primary surplus of 1.6 pct
The Ministry of Finance (MoF) tabled the 2014 draft budget to the Greek parliament on Monday with headline figures confirming recent press reports. As was broadly expected, 2014 will be another year of ambitious budget consolidation with a further cut in primary expenditure by 2.77 billion year on year (yoy) and a revenue increase of 2.55 billion yoy (both on a cash basis) to reach the MoU target of a general government (gg) primary surplus at 2.84 billion (1.6 percent of GDP).
The achievement of a sustainable primary surplus has emerged as the Holy Grail of Greece’s fiscal adjustment as it would pave the way for official discussions on the ultimate target of debt easing measures to begin in the coming months.
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